SAINSBURY’S former chairman and Labour peer Lord Sainsbury blew more than £8million betting against Brexit, it emerged yesterday.

The tycoon donated the stunning sum to political parties in the run up to the Referendum in a bid to keep Britain in the EU.

Times Newspapers Ltd

Since 2005, Lord Peer has spent over £22million on political donations, including donating £10.6million to Labour

Some £4.2million went to the official In campaign, £2.15million to Labour and £2.12million to the Lib Dems.

In a statement Lord Sainsbury, whose business has the slogan "live well for less", admitted pumping funds into the unsuccessful Stronger in Europe campaign.

Lord Sainsbury, who served as a science minister under Tony Blair and made a peer in 1997, donated £4.2million to nine different Remain groups, using four different aliases.

He said: “During the last two years I have helped put together the Stronger In Europe Campaign, and have provided them with funds.

“I have also made donations to the Labour Party, the Liberal Democrats, and a number of other registered bodies. I did so because I believe strongly that coming out of Europe will be damaging to our economy and society, and dangerously so if we come out of the Common Market.

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Lord Sainsbury donated to the Stronger In campaign over the last two years

“I am proud of what the Stronger In Europe Campaign did in explaining honestly and clearly the benefits we get from being in Europe and the damage from coming out.

“I am sorry that we failed to convince the British people as I believe the dangers of Brexit are very real, and I hope that thoughtful and careful leadership by the new Prime Minister will mean that my worst fears are not realised.”

Since 2005, the great grandson of the supermarket’s founder has spent more than £22million on political donations, including donating £10.6million to Labour.

Shadow Chancellor John McDonnell last night appeared to call for Lord Sainsbury to be kicked out of the Labour party.

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He said: “The decision by Labour party officials to suspend the bakers’ union leader, Ronnie Draper, from the party and deny him a vote in Labour’s leadership election over unidentified social media posts is shocking, and appears to be part of a clear pattern of double standards.

“While Ronnie, a supporter of Jeremy Corbyn, has been denied his say in Labour’s election, no action is being taken over the Labour peer, Lord Sainsbury, who has given more than £2 million to support the Liberal Democrats.

“And no action has been taken against Michael Foster, the Labour party member who abused Jeremy Corbyn’s supporters and staff as Nazi stormtroopers.

PA:Press Association

McDonnell appeared to call for Lord Sainsbury to be kicked out of the Labour Party.

“Both will, as things stand, be able to vote in this election. Meanwhile, thousands of other members and registered supporters are reported to have been denied a vote without being given an explanation or opportunity to challenge the decision or process.

“Labour party members will not accept what appears to be a rigged purge of Jeremy Corbyn supporters. The conduct of this election must be fair and even-handed.

“I am writing to Labour’s general secretary Iain McNicol to demand that members and supporters who are suspended or lose their voting rights are given clear information about why action has been taken and a timely opportunity to challenge the decision.

“In particular, the specification of particular terms of abuse to exclude Labour party members from voting should not be applied retrospectively.”